Did Overly Enthusiastic U.S. Homeowners Sink the Global Economy?

Most analysts blame greedy investors and banks for last year's economic fiasco-- explaining that these greedy forces needed more "governmental supervision". Well, this article from the Financial Post challenges that view, and posits that there may have been TOO MUCH governmental interference. Money quote:

Let's look again at the historical background of the crisis. The U.S. housing bubble was pumped up, along with the hunt for even greater risk, when the U.S. Federal Reserve Bank, not wanting the market to set exchange rates, cut interest rates to record-low levels. U.S. politicians pumped up risk-taking and housing prices further through deductions, tax benefits for home savings accounts and restrictions on new construction. By means of legislation, subsidies and government-sponsored enterprises, they managed to generate mortgages even for people that the market deemed uncreditworthy.